What should a buyer do if they change their mind after submitting an offer but before acceptance?

When a buyer changes their mind after submitting an offer but before the seller has accepted it, the most appropriate course of action is to withdraw the offer immediately. This option is correct because until an offer is accepted, the buyer retains the right to revoke their offer at any time. By formally withdrawing the offer, the buyer communicates their change of intention clearly, ensuring there is no ambiguity regarding their interest in the property.

If a buyer chooses to wait for the seller's response, they risk entering into an ambiguous situation where the seller might accept the offer after the buyer has decided against purchasing. Similarly, negotiating new terms with the seller would assume that the buyer still intends to engage in the deal, which contradicts their change of mind. Informing the broker to ignore the offer may not provide a formal withdrawal, which is essential to avoid any misunderstandings or liabilities related to the offer. Withdrawal means the offer is no longer active, effectively safeguarding the buyer’s interests during the negotiation process.